I'm facing the same issue here. Same message, program restart, a loop.
Tried as an adminstrator, unistalled, cleaned the windows registry, installed again,and it gives the same message.
Tried versions: 3,5 ; 3,4 ; 3,3 ; 3,2 ; 311 and 300.
Versions 300 ; 311 ; 3.2 and 3.3 i'm getting the invalid license error bug.
The rest of the versions, I'm getting the "The program will be restarted to apply a new setting" bug.
Due to the above, i'm currently trying a third-party software called ispy, at least with it I can record videos when motion is detected, but sound doesn't work.
Note that the camera works through the website, through the lan managament IP, from my mobile through mydlink lite the problem is only with this D Viewcam
Currently Windows 7 x64 with all updates installed.
D-Link, please, kindly provide us a soltion.